Eastman Chemical profit falls 23%, sales gain on prices

LauraMandaro

SAN FRANCISCO (MarketWatch) -- Eastman Chemical Co.
EMN, +1.33%
said late Thursday that profits in the third quarter fell to $95 million, or $1.15 cents a share, from $123 million, or $1.50 in the year-ago quarter. Excluding asset impairments and restructuring charges, earnings in the most recent quarter totaled $1.24 a share. Analysts polled by Thomson First Call had forecast $1.13 a share in earnings. Sales rose 8% to $1.97 billion, topping estimates of $1.9 billion, as the Kingsport, Tenn.-based petrochemical company raised prices to offset higher raw material costs. Shares rose 31 cents to $57.83 in day trading.

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